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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
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Maybe not $6/7 (at least yet) but at 730pm Central, 2.5 hours into the Globex CL night session, CL -$2.27 -6.34%
Gotta say I'm a little surprised. I would have thought no agreement was priced in and that the potential shock would be to the upside.
This could mean lower imports for next week's inventory report (Apr 27) which would be bullish.
That report is the 16th of the year. There has been a build in the 16th week of the year the last 16 years in a row. So a decline in oil inventory would be a surprise.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
We're having some pretty serious flooding in Houston (500 year Flood Plain events in some locations) and all the bayous and rivers all eventually flow into the Ship Channel. I believe the Channel is currently approximately 3ft higher than usual.
1) Saudi Arabia acted in its best interests
2) Iran is politically isolated
3) A freeze is not a cut
4) The global glut is – gradually – resolving anyway
5) Venezuela and Russia are still unresolved questions
Apparently as of today (?) Russia is not on the production cut wagon
"The policy of certain countries regarding diversification of energy sources aimed at supporting local production is sometimes implemented inefficiently as it creates extra costs for consumers and changes the oil and gas market balance. From our viewpoint, the situation is not transparent enough as not the whole information is provided to consumers," he said.
Platform: NinjaTrader , Multicharts and my own system
Trading: Futures
Posts: 294 since Feb 2015
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Leading up to the Doha talks oil goes up
Doha talks fall through, no agreement is reached to cutback output, oil goes up
Kuwait oil workers stop strike , increasing oil supply, oil goes up
Oil Inventory numbers come out today, inventory is up, oil goes up
i think i'm pretty close to identifying a pattern here....
To me this smacks of a short squeeze, will need to see some capitulation before we return to normalcy. The thing with commodities is that you can only fight the fundamentals for so long though. Away from BB but will check to see how put option premiums are trading later - could be some value there if cheap enough.